Multiple Choice
Petrol has inelastic price elasticity of demand in both the short and long run but chinaware has elastic price elasticity of demand in the both short and long run because:
A) petrol is more important than chinaware.
B) petrol is a necessity and chinaware is a luxury.
C) petrol cannot be compared to chinaware.
D) petrol is a luxury and chinaware is a necessity.
Correct Answer:
Verified
Correct Answer:
Verified
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